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|Three More Out of Business
Another three mortgage firms have closed their doors and dropped out of business.
Just two years ago, Maryland-based First Madison Mortgage was one of the industries rising stars, placing number 531 on Inc. Magazine's list of the nation's fastest growing companies.
Founded in 2002, the company's growth exploded in 2006, with revenue growing 582 percent to $4.1 million over just three years. The company employed 65 people in 2007.
During 2007, 147 mortgage units were shut down, according to the Mortgage Graveyard.
Companies tracked primarily included those that employed at least 50 people -- though it is estimated that hundreds of failed companies, mostly mortgage brokerages, were under the radar.
One government program, the FHASecure program was created late last year to help struggling subprime borrowers refinance their loans and keep their homes. But it may only be accessed by lenders and brokers (loan correspondents) that have obtained approval to offer loans insured by the Federal Housing Administration.
A Texas-based provider of warehouse lines is removing Countrywide Home Loans and IndyMac Bank from its approved investor list because movement in their share prices resembles that of other imploded lenders.
Southwest Securities FSB made the disclosure in a message to customers yesterday.
Embezzlement Topples Net Branch
Illegal Mortgage Leads
Wachovia Closing Broker Channel
|The Mortgage Graveyard
Journal of failed, ailing and acquired lenders.
Net Branch News
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